Pursepunter,Murray from Slipstream trader doing his weekly...

Pursepunter,

Murray from Slipstream trader doing his weekly indices analysis.

Basically still bearish on the market. Points out a few areas to watch on both the ASX200 and S&P500.

Key points to watch on the ASX are the current rally up through 4200 to test resistance in that area. If successful and pushes back to around 4600/4700 area he will reassess for a bullish view.

HOWEVER

If resistance is strong, likely to return to test 3800 and if closes below, hold onto your hats. Return to GFC levels of 3300ish or maybe worse. Key is just to keep an eye on it.

Like KIWI said this guy is an excellent chart analyst and is more often than not absolutely spot on.

By the way, Murray's recommendations were to sell into the current rally up to around 4200 and then wait out to see how the market unfolds.

Most long term holders won't be concerned but short Termers will hold a different view IMO.

Hope this helps (anything to add KIWI, nothing worse than being blinded by the likes of communist China - no YouTube etc)

Gaspew ;)